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America's Looming Age-Demographic Crisis

Last week, we took a look at the Congressional Budget Office’s rather gloomy budget projections over the next 30 years. Between FY 2021 and FY 2050, federal spending will grow as more Americans retire, structural budget deficits will worsen, and the share of the debt held by the public will rise to unprecedented levels. But the projections weren’t limited to the budget. The Congressional Budget Office (CBO) also looked at economic and labor trends. Those are just as alarming as the budget projections.